Morning Gold & Silver Market Report – 10/29/2012
Geoffrey Varner
10/29/2012 8:06:00 AM
UNITED STATES STOCK EXCHANGES CLOSE AHEAD OF SANDY
The decision was made Sunday evening to close New York stock exchanges for both floor and electronic trades due to Hurricane Sandy. The so-called “monster storm” is predicted to hit New York later today. Following suit, the Nasdaq OMX Group Inc and the BATS also announced that option and stock trading would be closed Monday. Schools and public transportation are also put on hold due to the severity of this storm.
Seeing a brief lift in overnight trading before declining again, Gold is on pace to decline for the first month in five. QE3 wasn’t enough to see Gold break the important $1,800 level. Another weight on the price of Gold is the aptly named “fiscal cliff.” There is some sentiment that either candidate will work hard after election to implement measures that will delay the tax increases and other tightening or “austerity” type measures. This sentiment acts as a damper on the price of Gold.
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,712.30, Down $0.10.
- Silver, $31.92, Down $0.14.
- Platinum, $1,536.30, Down $7.20.
- Palladium, $591.50, Down $4.90.
APMEX’s Account Managers now have extended hours and are here to serve you until 8 p.m. (EDT) Mondays through Thursdays! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.
APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
